Follow Barack Obama prior and during his tenure as the 44th President of the United States. Read about my personal observations along with every day facts as they happen. This blog will only submit factual information about the first black President, now in his 2nd term of office.

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Monday, August 1, 2011

So why is it so important to raise the debt ceiling? What is this all about? Are you confused?

The debt ceiling is about money that has already been spent. But now it seems like the United States is now saying that even though we already bought the product, we no longer want to pay for it. The debt is paid by raising the debt limit, thus authorizing the U.S. government to continue borrowing to pay bills. Why do countries want to borrow from the United States? Because of it's A-1 credit rating, most every country in the free world wants to loan the United States money because the U.S. government pays its debt and the interest rates that go with the loans.. Listen to the report below, and you will better understand what is all at stake here, and why it is so important to raise the debt ceiling. This report may help you become un-confused regarding the debt ceiling.